
\begin{table}[htbp]
\begin{center}
\begin{scriptsize}
\begin{tabular}{l D{.}{.}{4.5} D{.}{.}{4.5} D{.}{.}{4.5} D{.}{.}{4.5} D{.}{.}{4.5} D{.}{.}{4.5} D{.}{.}{3.5}}
\toprule
 & \multicolumn{6}{c}{Developing countries} \\
\cmidrule(lr){2-7}
 & \multicolumn{1}{c}{(Democracies)} & \multicolumn{1}{c}{(Autocracies)} & \multicolumn{1}{c}{(All)} & \multicolumn{1}{c}{(All)} & \multicolumn{1}{c}{(All)} & \multicolumn{1}{c}{(All)} & \multicolumn{1}{c}{Developed 
 countries} \\
\midrule
l.outgap.tdl                      & 0.65^{***}              & 0.60^{***}              & 0.65^{***}              & 0.65^{***}              & 0.64^{***}              & 0.63^{***}              & 0.57^{***}              \\
                                  & (0.02)                  & (0.02)                  & (0.01)                  & (0.01)                  & (0.01)                  & (0.01)                  & (0.03)                  \\
l.outgap.gdp.hamilton             & -0.04^{***}             & -0.00                   & -0.01^{***}             & -0.00                   & -0.00                   & -0.00                   & 0.01                    \\
                                  & (0.01)                  & (0.00)                  & (0.00)                  & (0.00)                  & (0.00)                  & (0.00)                  & (0.01)                  \\
l.democracy                       &                         &                         & -0.01                   & -0.01                   & 0.00                    & -0.01                   &                         \\
                                  &                         &                         & (0.02)                  & (0.02)                  & (0.02)                  & (0.02)                  &                         \\
l.outgap.gdp.hamilton:l.democracy &                         &                         &                         & -0.03^{***}             & -0.03^{***}             & -0.02^{***}             &                         \\
                                  &                         &                         &                         & (0.01)                  & (0.01)                  & (0.01)                  &                         \\
l.capacity                        &                         &                         &                         &                         & -0.07^{***}             & -0.08^{***}             & -0.04                   \\
                                  &                         &                         &                         &                         & (0.02)                  & (0.03)                  & (0.03)                  \\
l.imports                         &                         &                         &                         &                         &                         & 0.00^{**}               & 0.00                    \\
                                  &                         &                         &                         &                         &                         & (0.00)                  & (0.00)                  \\
l.exports                         &                         &                         &                         &                         &                         & -0.00^{**}              & -0.00                   \\
                                  &                         &                         &                         &                         &                         & (0.00)                  & (0.00)                  \\
log(l.pop)                        &                         &                         &                         &                         &                         & 0.14^{**}               & 0.04                    \\
                                  &                         &                         &                         &                         &                         & (0.07)                  & (0.08)                  \\
log(l.gdp.pcap)                   &                         &                         &                         &                         &                         & 0.01                    & -0.01                   \\
                                  &                         &                         &                         &                         &                         & (0.03)                  & (0.05)                  \\
l.elec.cons.pc                    &                         &                         &                         &                         &                         & -0.00                   & -0.00                   \\
                                  &                         &                         &                         &                         &                         & (0.00)                  & (0.00)                  \\
l.pop.density                     &                         &                         &                         &                         &                         & -0.00                   & 0.00^{*}                \\
                                  &                         &                         &                         &                         &                         & (0.00)                  & (0.00)                  \\
\midrule
Year dummies                      & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Country fixed-effects             & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Number of countries               & 65                      & 82                      & 110                     & 110                     & 108                     & 106                     & 21                      \\
Adj. R$^2$                        & 0.48                    & 0.35                    & 0.42                    & 0.42                    & 0.42                    & 0.42                    & 0.32                    \\
Num. obs.                         & 1460                    & 1810                    & 3270                    & 3270                    & 3203                    & 2964                    & 889                     \\
\bottomrule
\multicolumn{8}{l}{\tiny{$^{***}p<0.01$; $^{**}p<0.05$; $^{*}p<0.1$}}
\end{tabular}
\end{scriptsize}
\caption{Ciclicality of Electricity Losses in Autocracies and Democracies (1971 - 2014)}
\label{tab:twfe}
\end{center}
\end{table}
